Award Winning Firm Labaton Sucharow Investigating Vintage Wine Estates, Inc. f/k/a Bespoke Capital Acquisition Corp. (NASDAQ:VWE, VWEWW, BSPE)

Rhea-AI Summary

Labaton Sucharow has launched an investigation into Vintage Wine Estates (NASDAQ: VWE) for possible violations of federal securities laws. The inquiry is prompted by Vintage Wine's admission of $19.1 million in non-cash inventory adjustments, which it claims were part of efforts to enhance inventory management. These adjustments contributed to larger losses reported in the fourth quarter of 2022. Following the announcement, Vintage Wine shares fell over 40% in a single day.

Positive

• None.

Negative

• Admitted $19.1 million in non-cash inventory adjustments, indicating possible management issues.
• Inventory adjustments led to larger losses in Q4 2022, affecting investor confidence.
• Share price dropped over 40% on the day following the announcement of inventory issues.

NEW YORK, NY / ACCESSWIRE / September 26, 2022 / Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, announces that it is investigating Vintage Wine Estates, Inc. f/k/a Bespoke Capital Acquisition Corp ("Vintage Wine" or "the Company") (NASDAQ:VWE, VWEWW, BSPE) for violations of the federal securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Vintage Wine issued a press release on September 13, 2022, revealing that it had taken $19.1 million in non-cash inventory adjustments that it had "identified through efforts to improve and strengthen inventory management, processes and reporting." The Company added that the adjustments included "physical inventory count adjustments of $12.4 million, $3.7 million related to the establishment of inventory reserves and $3.0 million related to the impact of additional remediation efforts." The Company admitted that these adjustments had fueled a larger loss in the fourth quarter of 2022. Based on this news, shares of Vintage Wine plunged by more than 40% in intraday trading on September 14, 2022.

If you currently own stock or options in Vintage Wine Estates, Inc. and suffered a loss, click here to participate.

If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at david@labaton.com.

About the Firm

Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, corporate governance and shareholder rights, consumer, and cybersecurity and data privacy litigation, as well as whistleblower representation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at labaton.com.

Contacts:

David J. Schwartz
(800) 321-0476
david@labaton.com

SOURCE: Labaton Sucharow LLP

View source version on accesswire.com:
https://www.accesswire.com/717430/Award-Winning-Firm-Labaton-Sucharow-Investigating-Vintage-Wine-Estates-Inc-fka-Bespoke-Capital-Acquisition-Corp-NASDAQVWE-VWEWW-BSPE

FAQ

What is the investigation into Vintage Wine Estates about?

The investigation by Labaton Sucharow focuses on whether Vintage Wine Estates issued false or misleading statements regarding its financials.

What significant financial impact did the inventory adjustments have on Vintage Wine Estates?

The adjustments totaled $19.1 million and contributed to a larger loss in the fourth quarter of 2022.

How did Vintage Wine Estates' stock perform after the press release?

The stock price of Vintage Wine Estates fell over 40% in intraday trading following the announcement of the inventory adjustments.

What should shareholders of Vintage Wine Estates do if they have incurred losses?

Shareholders who suffered losses can seek assistance from Labaton Sucharow to protect their investments.